Midcontinent Communications 'BB-' Rating Affirmed On $125M Add-On To Senior Unsecured Notes; Outlook Stable

U.S. cable operator Midcontinent Communications (Midcontinent) has signed an agreement to purchase assets from WideOpenWest Finance LLC (WOW) in Lawrence, Kansas for $215 million in cash. Midcontinent will partially finance the transaction with a $125 million add-on to its 6.875% senior notes due 2023. We are affirming our 'BB-'corporate credit rating on Midcontinent. We are also affirming the 'B' rating on Midcontinent's senior unsecured notes due 2021 and raising the rating on its senior secured debt to 'BB+' from 'BB'. The stable outlook reflects our expectation that Midcontinent will benefit from growth in high-speed data (HSD) and commercial services, and that competitive dynamics in its territories will remain favorable relative to other large incumbent cable operators such that leverage remains

...+ U.S. cable operator Midcontinent Communications (Midcontinent) has signed an agreement to purchase assets from WideOpenWest Finance LLC (WOW) in Lawrence, Kansas for $215 million in cash. Midcontinent will partially finance the transaction with a $125 million add-on to its 6.875% senior notes due 2023. + We are affirming our '##-'corporate credit rating on Midcontinent. + We are also affirming the 'B' rating on Midcontinent's senior unsecured notes due 2021 and raising the rating on its senior secured debt to '##+' from '##'. + The stable outlook reflects our expectation that Midcontinent will benefit from growth in high-speed data (HSD) and commercial services, and that competitive dynamics in its territories will remain favorable relative to other large incumbent cable operators such that leverage remains below 5x over the next year. NEW YORK (S&P Global Ratings) Nov. 1, 2016--S&P Global Ratings today said it affirmed its '##-' corporate credit rating on Minneapolis-based Midcontinent...

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